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May 01, 2007

Nigeria Shuts Down 7 Airlines

In an effort to improve the pathetic safety records of its airlines, Nigeria has implemented new capital requirements for its licensed carriers.  What does this mean?  It means it shut down 7 airlines yesterday for being underfunded (Aviation Development Co. (ADC), Sosoliso, Fresh, Albarka, Chrome, Dasab and Skypower.  I like Skypower.  Solid name.)  Before yesterday, domestic airlines only needed about $160,000 in capital.  Considering the costs of safely maintaining an airplane, that is very scary, indeed.

May 1, 2007 | Permalink: Nigeria Shuts Down 7 Airlines

Comments

The new financial requirements are totally pathetic

: Michael Henderson at May 2, 2007 7:23:08 AM

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